PUBLISHER: yStats.com | PRODUCT CODE: 1349213
PUBLISHER: yStats.com | PRODUCT CODE: 1349213
"Real-time payments are experiencing a surge in popularity worldwide, with Egypt forecasted to experience one of the highest growth rates between 2022 and 2027:" new yStats.com report.
The global online payments industry has been significantly influenced by the COVID-19 global health crisis in recent years, resulting in substantial advancements in the market. The rate of adoption of cashless payments has accelerated dramatically and is expected to continue growing post-pandemic, as highlighted by yStats.com. In fact, global cashless transactions are forecasted to grow at a Compound Annual Growth Rate (CAGR) of over 16% from 2023 to 2026, surpassing 2 trillion non-cash transactions. Asia-Pacific is expected to contribute the highest value, followed by Europe and North America by 2026.
The use of digital payments is continually on the rise worldwide, with more individuals choosing to move away from cash usage. Consequently, real-time payments are gaining popularity globally. In 2022, the Middle East, Africa, and Southeast Asia region recorded the highest volume of real-time payments, just below 100 billion transactions, followed by Asia-Pacific and Latin America, as indicated in the new yStats.com publication. These three regions are projected to remain in the top three, with Asia-Pacific surpassing the Middle East, Africa, and South Asia by 2027. Egypt is expected to be one of the countries with the highest growth in real-time payment transaction volume, displaying a triple-digit Compound Annual Growth Rate (CAGR) between 2022 and 2027, reaching close to one billion transactions. Furthermore, the share of real-time payments in total electronic payments is currently and is expected to remain the highest in Middle East, Africa and South Asia, reaching almost 80% in 2027.